Dallas
– Video rental giant Blockbuster (NYSE: BBI) saw its shares plummet over 30% on Wednesday,
after the company disclosed in a regulatory filing that it may have to file for
bankruptcy protections.
"The increasingly competitive industry conditions
under which we operate has negatively impacted our results of operations and
cash flows and may continue to in the future. These factors raise substantial
doubt about our ability to continue as a going concern," the company said.
Blockbuster has already shuttered some 1,300 stores, and is looking to close
additional locations, as well as sell off some of its international businesses
to help reduce its debt, the Associated Press noted.
Related Links:
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